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Apr 18, 2013
04/13
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excise taxes, 12 days for property taxes and nine days for corporate income taxes and what about the deficit? he will have to work until may 9th.
excise taxes, 12 days for property taxes and nine days for corporate income taxes and what about the deficit? he will have to work until may 9th.
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Oct 1, 2013
10/13
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it does not grow our deficits by a single dime. it does not authorize anybody to spend any new money whatsoever. all it does is authorize the treasury to pay the bills on what congress has already spent. think about that. if you buy a car and you've got a car note, you do not save money but not paying your car note. you're just a deadbeat. if you buy a house, you don't save money by not authorizing yourself to pay the mortgage. you're just going to be foreclosed on your home. that's what this is about. it is routine, it is what they're supposed to do. this is not a concession to me, not some demand that's unreasonable that i'm making. this is what congress is supposed to do as a routine matter. and they shouldn't wait until the last minute to do it. the last time republicans even threatened this course of action, many of you remember, back in 2011, our economy staggered, our credit rating was downgraded for the first time, they go through with it this time and force the united states to default on its obligations for the first time
it does not grow our deficits by a single dime. it does not authorize anybody to spend any new money whatsoever. all it does is authorize the treasury to pay the bills on what congress has already spent. think about that. if you buy a car and you've got a car note, you do not save money but not paying your car note. you're just a deadbeat. if you buy a house, you don't save money by not authorizing yourself to pay the mortgage. you're just going to be foreclosed on your home. that's what this...
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Mar 15, 2013
03/13
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. >> we're running a higher deficit than wield like to. -- than wield like to, think of the deficit as a stimulus to the economy. neil: a stimulus to the economy. he has always been that way. it pays to focus on what bill gates and doing now, he is on a spending mission, he leaves little doubt about what he thinks of republican mission and their drive to cool it on the spending without thinking about results, his biggest fear, congress cutting foreign aid. the man said that foreign raid does a lot of good for the planet. to gauge the more good than bad without a doubt, that is why the guy, he was in washington today pushing hard. urging freshmen lawmakers not to give up the fight or spending on those 2 need the help -- who need the help the most, tonight. decide whether a man can or should stop congress from closing some spending doors, perhaps of all of the interviews i've done with bill gates over the years from earliest days at microsoft or before he became the power house to keeping his juggernaut going once it was a power house to going full time in charity business, this day is f
. >> we're running a higher deficit than wield like to. -- than wield like to, think of the deficit as a stimulus to the economy. neil: a stimulus to the economy. he has always been that way. it pays to focus on what bill gates and doing now, he is on a spending mission, he leaves little doubt about what he thinks of republican mission and their drive to cool it on the spending without thinking about results, his biggest fear, congress cutting foreign aid. the man said that foreign raid...
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May 15, 2013
05/13
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FBC
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that is the deficit problem. without entitlement reform there is no amount of growth that will fix it. melissa: christian, isn't this all noise and nonsense until we fix that problem? >> well, not exactly because, you know, when you have an economy that's suffering from high unemployment andd3 stagnating wages you're not at your full productive capacity. once you reach that level as we've seen in the last few months, once you increase revenues whether it comes from tax increases or improved economic conditions, you drastically and very quickly lower your debt position and your deficit position. that should be the first order of business. that is really what we do first before we figure out what is our true remaining structural long-term deficit. melissa: okay, but doug, you're a numbers guy. let's do thisatively, rather than with our emotions. can the economy quantitatively grow enough to deal with paying for our promises for the entitlements and the system that we have laid out? >> no. at the heart of this are p
that is the deficit problem. without entitlement reform there is no amount of growth that will fix it. melissa: christian, isn't this all noise and nonsense until we fix that problem? >> well, not exactly because, you know, when you have an economy that's suffering from high unemployment andd3 stagnating wages you're not at your full productive capacity. once you reach that level as we've seen in the last few months, once you increase revenues whether it comes from tax increases or...
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Apr 14, 2013
04/13
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CNNW
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the $3.77 trillion proposal would cut deficits by $1.8 trillion over the next decade. it's two months late and no one expects it to pass in congress, it's a very important marker for the president's continuing debt talks with lawmakers. his budget includes some new spending and priorities the president thinks are important. spending on infrastructure, for example, $50 billion worth. universal pre-k education for all children in america. and tax hikes that target the rich. a 30% tax rate on those making more than 1 million bucks a year as well as new rules for investing amendment. carried interest. also a minimum wage increase and a cap on itemized deductions and exclusion for high-income households. he also surprised some by handing republicans a good deal of entitlement reform. a change in the cpi, or how the government measures inflation, would reduce projected federal spending by slowing the growth of federal benefits that are adjusted for cost of living that includes social security. the adjustment would save the government about $130 billion over the next decade b
the $3.77 trillion proposal would cut deficits by $1.8 trillion over the next decade. it's two months late and no one expects it to pass in congress, it's a very important marker for the president's continuing debt talks with lawmakers. his budget includes some new spending and priorities the president thinks are important. spending on infrastructure, for example, $50 billion worth. universal pre-k education for all children in america. and tax hikes that target the rich. a 30% tax rate on...
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Apr 24, 2013
04/13
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neil: the threat rising almost as fast as the deficit itself ago until there is a true economic crisis and i don't think we had in 2008 or 2009 is not much it will get worse because we have not lived in times like this with the whole world inflating the currency and nobody is living within their means. neil: if you think about it if in doubt spend more just like the of bush years the allies are at risk. just like the of privacy invasions like your son last night with rand paul are justified because we may get killed because one is the harm if they poke into the female's? you have to draw the line somewhere. >> i do because we should not build up to a fear. one side says we cannot cut a penny from the military. trouble. other side, saying you have to have a safety net for everyone, they compromise, they complain so often we don't have enough compromise in washington. but i think there is plenty, it was not so bad when we were growing and wealthy, we're not as wealthy as we used to be, we're a debtor nation, and not producing as much. the compromise is continue to spending which is wrong
neil: the threat rising almost as fast as the deficit itself ago until there is a true economic crisis and i don't think we had in 2008 or 2009 is not much it will get worse because we have not lived in times like this with the whole world inflating the currency and nobody is living within their means. neil: if you think about it if in doubt spend more just like the of bush years the allies are at risk. just like the of privacy invasions like your son last night with rand paul are justified...
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Apr 24, 2013
04/13
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neil: regardless, bottom line is that appetite for this type of spending is not going away, deficits not withstanding, we -- there will be other fiskers or solyndra, bottom line, there is still appetite in the white house to fund more of the grind initiatives hoping to strike oil, no pun. they have not as yet. but, the hope is they will, will they? >> no, this is not a case of execution being off. this is a part of a trend. you could say giving subsidies favoring certain companies over others is picking winners and loser, but the obama white house has a very bad scoreboard of pickingostly losers like. solyndra, that go bankrupt at taxpayer's expect we do not have money or resources for this. we have as there are assistant $17 trillion national debt now is not the time. neil: how do they do it, if you bet on new technology, does government get behind it. >> we lost everything, we have green taxes, we just tax people. we have seen it before. fundamentally, there does need to be reform in washington, $100 billion a year in corporate welfare, crony capitalism that needs to be looked at m
neil: regardless, bottom line is that appetite for this type of spending is not going away, deficits not withstanding, we -- there will be other fiskers or solyndra, bottom line, there is still appetite in the white house to fund more of the grind initiatives hoping to strike oil, no pun. they have not as yet. but, the hope is they will, will they? >> no, this is not a case of execution being off. this is a part of a trend. you could say giving subsidies favoring certain companies over...
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Feb 28, 2013
02/13
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like i say, get people back to work as well as deal with the deficit and the debt. david: but the leader of the house of representatives, republican leader, john boehner, was saying a week ago the cuts would be harmful. i don't think he said they would trigger a recession but they would be harmful. are cuts in government good or bad? >> we need to find reductions in spending. if you talk to, i was a governor ten years. every governor in this country had to wrestle with getting spending in line to make sure their budgets balance. the administration an congress has to do the same thing for our country. i think what the speaker's talking about is the flexibility to do it in a way that make sense so we don't have too many cuts on the military and that's exactly what we're pushing to do, is make them in a thoughtful way. david: two more short questions. first of all an overall growth agenda. is there anything about which democrats and republicans could agree that would propel us to grow faster than we are? >> i think the biggest thing is cutting the regulatory burden and
like i say, get people back to work as well as deal with the deficit and the debt. david: but the leader of the house of representatives, republican leader, john boehner, was saying a week ago the cuts would be harmful. i don't think he said they would trigger a recession but they would be harmful. are cuts in government good or bad? >> we need to find reductions in spending. if you talk to, i was a governor ten years. every governor in this country had to wrestle with getting spending in...
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. >> they both worked to close the deficit. because we have the lowest tax rates over the last decade or so. in this nations history. >> it is. >> okay, let's start off with the administration wants it both ways. they have a low deficit, but at the same time they want to talk about sequester and how it's bad for the economy because they want to be spending more money. we have these big government policies trying to stimulate the economy. spending billions and billions of dollars getting us to the same point that we were a few years ago and we had 37,000 drop out of this rate alone. this is going to change. >> but one in our history was that the case? >> because nobody is working. because the economy is shrinking. it is doing nothing for the families and no one is working. >> it's not shrinking. it hasn't been shrinking. >> you're right, and that is okay. charles: we are talkinn about countries that accept as 20 years before we did. it actually might be a great warning for us but you get the last word. >> yes, the economy is in
. >> they both worked to close the deficit. because we have the lowest tax rates over the last decade or so. in this nations history. >> it is. >> okay, let's start off with the administration wants it both ways. they have a low deficit, but at the same time they want to talk about sequester and how it's bad for the economy because they want to be spending more money. we have these big government policies trying to stimulate the economy. spending billions and billions of...
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Aug 12, 2013
08/13
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i don't know that the street was ever that concerned with the level of the deficit. what the street was concerned about were things like government shutdowns and defaults because of politics. that was the thing that really spooked the markets. this deficit, i think the street was right to say, you know what, it will be a natural reduction in the deficit just as the economy comes back and the stimulus that was put together in that package came off. >> is it any secret it is working, that this political back and forth heavy infore bid we're seeing the deficit shrink and the economy get by. >> it depends on what you consider to be working. if you consider an an rex i can being on a diet and working, i am sorry for that plapz but that's the way some people described the notion of cutting the deficit right now. i did work this morning. the last three quarters combined is the biggest government reductions in spending as a percentage of gdp since at least 1980 and probably since the '70s. my data didn't go back that far. we suffered from this. growth suffered from this. >>
i don't know that the street was ever that concerned with the level of the deficit. what the street was concerned about were things like government shutdowns and defaults because of politics. that was the thing that really spooked the markets. this deficit, i think the street was right to say, you know what, it will be a natural reduction in the deficit just as the economy comes back and the stimulus that was put together in that package came off. >> is it any secret it is working, that...
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Jan 29, 2013
01/13
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should you solve the deficit with spending cuts. should spending cuts happen now, 59% later, only 2% say not at all. how about revenue increases? 16% say now, 30% say later. 53% say not at all. you can see a little more disagreement here but pretty good agreement on the overall concept. the deficit needs to be solved now. you need spending cuts now and don't do revenue. that's the way wall street wants this issue solved. they do see it as very, very important. want to show you the growth outlook and an important change when it comes to growth outlook. here is our survey, the last several findings of our survey for 2013 growth. 2.74, coming down, coming down. 1.91, down for seven straight times, now back up for the first time. 2.08. take a look what 2014 is. 2.56%. again, underneath that 3.2 number, potential growth has come down a little bit. they think 2.5, 2.25. bottom line, you need to go above that number to bring down the unemployment rate. i was interested as well, guys. there was no number in there actually 3.2%. >> i'm actua
should you solve the deficit with spending cuts. should spending cuts happen now, 59% later, only 2% say not at all. how about revenue increases? 16% say now, 30% say later. 53% say not at all. you can see a little more disagreement here but pretty good agreement on the overall concept. the deficit needs to be solved now. you need spending cuts now and don't do revenue. that's the way wall street wants this issue solved. they do see it as very, very important. want to show you the growth...
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Jul 10, 2013
07/13
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why that will boost the economy and cut the deficit. adam: we are guessing that lou dobbs has a little to say about this. adam: walmart is threatening to walk. possibly canceling plans to build in the nations capital. lori: let's head to the floor of the new york stock exchange. market turning down here as we wait for the feds minute release. even if it were to post again today and be higher than yesterday, it is another record-setting day. we are watching oil which is a key story today. i am watching hewlett-packard very closely. this was a real ladder last year. the analysts are doing 180s as well. citigroup now put a buy rating on hewlett-packard. this comes on the heels of green yesterday. this is why they are turning around. adam: thank you very much. breaking news. crude oil. phil flynn of price futures group is in the trading pits of this cme. >> i would call it a stunning drop in supplies. not only do you have the heating of tensions in the middle east and you have surging demand in the united states. everybody thought in americ
why that will boost the economy and cut the deficit. adam: we are guessing that lou dobbs has a little to say about this. adam: walmart is threatening to walk. possibly canceling plans to build in the nations capital. lori: let's head to the floor of the new york stock exchange. market turning down here as we wait for the feds minute release. even if it were to post again today and be higher than yesterday, it is another record-setting day. we are watching oil which is a key story today. i am...
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Aug 13, 2013
08/13
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FBC
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after 2008 we "saw 4" years of a trillion dollar plus deficit, just because it half that now it is too high, but back to greece, i don't think that greece is a country we should be following in terms of fiscal paths. if you look at it, the unemployment rate there is over 25 percent, 2 -- two-thirds ofl youth cannot find a job, but they have to listen to foreign creditors telling them how to run their country, they waited too long. @%il: lizzy, what do you make of point that maybe because we have not gone as austere as some of the countries, and our federal reserve has been in the game, that, say, we're certainly in better shape than the rest of the world? >> i think that i'm imagyn has a point, i think they are doing the same thing our federal reserve has been doing, but we're so short-term focussed in washington d.c., to say austerity will kill us, remember there were fears we had something equating mayan collapse with the spending cuts, guess what it did not happen, things are moving along. even though the growth is not that great. problem is with that anemic growth of 1.5%, and obam
after 2008 we "saw 4" years of a trillion dollar plus deficit, just because it half that now it is too high, but back to greece, i don't think that greece is a country we should be following in terms of fiscal paths. if you look at it, the unemployment rate there is over 25 percent, 2 -- two-thirds ofl youth cannot find a job, but they have to listen to foreign creditors telling them how to run their country, they waited too long. @%il: lizzy, what do you make of point that maybe...
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Feb 12, 2013
02/13
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he pledged to cut the deficit in half. >> yesterday i held the fiscal somewhere applies to cut the deficit in half by the end of my first term office. my administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. gerri: did that happen? no. instead, obama average deficit of nearly three times that of his predecessor. here is another promise from 2009. >> over the next two years this plan will save or create three and a half million jobs. more than 90 percent of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines in solar panels, laying broadband and expanding mass transit. gerri: not a chance. instead, according to the heritage foundation, the economy is over seven and a half million jobs in the hole and don't forget obamacare. >> this budget builds on these reforms and includes an historic commitment to comprehensive health care reform, a down payment on the principle that we must have quality affordable health care for every american. [applause] it is a commit
he pledged to cut the deficit in half. >> yesterday i held the fiscal somewhere applies to cut the deficit in half by the end of my first term office. my administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. gerri: did that happen? no. instead, obama average deficit of nearly three times that of his predecessor. here is another promise from 2009. >> over the next two years this plan will save or create...
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Jan 14, 2013
01/13
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and ironically, would probably increase our deficit. >> reporter: and it would, the president warned, delay checks for social security and veterans' benefits. the president also said he would soon ask lawmakers to create new gun laws in the wake of the newtown massacre. he will likely seek universal background checks, limit on high-capacity magazines and a ban on assault weapons. reporting live here from the newsroom, i'm bob redell. >> bob, thank you very much. >>> after nearly two months in the hospital, former president george h.w. bush has been discharged. nbc news learning doctors at methodist hospital in houston, texas releasing the 88-year-old bush just this morning. he was admitted november 23rd for treatment of a bronchitis-related cough. in december, the nation's 41st president spent a week in the hospital's intensive care unit for treatment of a persistent fever. no word so far whether the elder bush will return to his houston home or be moved to rehabilitation center for continued medical treatment. >>> and some trouble this morning for apple. that stock down significantly
and ironically, would probably increase our deficit. >> reporter: and it would, the president warned, delay checks for social security and veterans' benefits. the president also said he would soon ask lawmakers to create new gun laws in the wake of the newtown massacre. he will likely seek universal background checks, limit on high-capacity magazines and a ban on assault weapons. reporting live here from the newsroom, i'm bob redell. >> bob, thank you very much. >>> after...
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Sep 19, 2013
09/13
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every major deficit-reduction plan over the last 30 years has been tied to the debt limit. >> this is playing with fire. legislative arsonists are at work when they start using the debt limit for their own agenda. >> house republican aides say they will pass an increase on the debt ceiling with a one-year delay of the president's health care law with some other policies attached. they're still working that out. liz: thank you very much. working it out is the best we can hope for right now. make no mistake. they are still snorting and charting and running right now as we see in the wake of the fed fueled rally yesterday the nasdaq still higher. in a moment and outspoken optimist. he has been making some jaw-dropping and correct predictions lately. in a moment, his very latest forecast. and imagine a stock that has skyrocketed some 250% over the past five years. this is a remarkable performance. hsn, inc. wwe're talking to the ceo lives and exclusively about her secret sauce and her next big idea. coming up next. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a d
every major deficit-reduction plan over the last 30 years has been tied to the debt limit. >> this is playing with fire. legislative arsonists are at work when they start using the debt limit for their own agenda. >> house republican aides say they will pass an increase on the debt ceiling with a one-year delay of the president's health care law with some other policies attached. they're still working that out. liz: thank you very much. working it out is the best we can hope for...
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Jul 10, 2013
07/13
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we've also seen that it will lower our deficits by $850 billion over the next 20 years, and because of the influx of younger workers and more undocumented workers paying payroll taxes, we've seen it will actually increase the solvency of social security by two years, and i think you have to look what else is in this bill. this bill brings in new visas for people doing startups, who are creating jobs. it conditions the visa on them being able to create jobs, that creates jobs for people here. the studies overwhelmingly show that for native existing workers, this immigration is almost always a good deal. this even shows that over 20 years wages would go up half a percent for the economy as a whole, so i -- i think, you know, it's very interesting. you often have me on the show replying to paul ryan or grover norquist or douglas holtz eakin. this is something where those leading republican budget and economic experts and someone like myself are in complete agreement. we agree that common sense immigration reform is a win for economy, a win for growth and win for deficit reduction. >> a lo
we've also seen that it will lower our deficits by $850 billion over the next 20 years, and because of the influx of younger workers and more undocumented workers paying payroll taxes, we've seen it will actually increase the solvency of social security by two years, and i think you have to look what else is in this bill. this bill brings in new visas for people doing startups, who are creating jobs. it conditions the visa on them being able to create jobs, that creates jobs for people here....
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Jan 30, 2013
01/13
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FBC
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we need to have a policy that will over the coming decade bring down the size of the fiscal deficit, but not over the coming year. david: finally on the fed. we had all this breaking news, so we had to shorten this segment, the fed, you have not been a big fan of what they have been doing. why do you think the fed is going in exactly the opposite direction that should be? >> well, i think there just continuing to buy assets at a tremendous rate, were talking about $85 billion a month to my trillion dollars. they think that by doing that they're helping housing. they probably are, that is not sustainable. i mean, they pushed up house prices artificially by driving mortgage rates down to the extremely low levels. so i think that they aren't taking serious risks about building a too much liquidity in the banking system that is going to be very expensive and potentially dangerous to unwind. david: professor martin feldstein, we usually like to give you more time. we have some much bikinis we had to shorten this segment. great to see you. come back soon. >> will duke. liz: facebook report
we need to have a policy that will over the coming decade bring down the size of the fiscal deficit, but not over the coming year. david: finally on the fed. we had all this breaking news, so we had to shorten this segment, the fed, you have not been a big fan of what they have been doing. why do you think the fed is going in exactly the opposite direction that should be? >> well, i think there just continuing to buy assets at a tremendous rate, were talking about $85 billion a month to...
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we have a $315 billion annual trade deficit with china. and, that costs the united states some jobs. our manufacturing base, and it enriches the regime in beijing. so like it or not, our economic policies have brought trillions of dollars into chinese coffers and make this possible. david: i gotcha. on the other hand for american consumers it's a great deal. there are tons of things. just about half of the things we buy and use are manufactured in china at a very cheap price and that makes it good for consumers. we don't want to start a trade war. we don't want to cut off their exports to the united states, do we? >> well, i don't think this is a binary proposition. either we trade with china or we don't trade with china. i think we have to be serious about the terms under which we trade with china and unfortunately we're not. i mean china has been in part of a broader, kind of free trade arrangement. it is not a free-trade agreement. but for about the last dozen years and we just simply haven't held china accountable when it comes to inte
we have a $315 billion annual trade deficit with china. and, that costs the united states some jobs. our manufacturing base, and it enriches the regime in beijing. so like it or not, our economic policies have brought trillions of dollars into chinese coffers and make this possible. david: i gotcha. on the other hand for american consumers it's a great deal. there are tons of things. just about half of the things we buy and use are manufactured in china at a very cheap price and that makes it...
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Oct 15, 2013
10/13
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the budget deficit is down and that's part of the sequestration mechanism. that's supposed to be a ten-year process. that's all my liberal friends in the senate on the democrat side voted for it. most of them, you know, a year and a half ago. so i consider that to be something that's just like they consider obama care to be sarks nctrisanct. >> doesn't sound like you're crazy about the emerging deal here. >> all i know is what you guys know. there's no spending reforms. just kick the can down the road. and he does avert any kind of a crisis on the debt. but it's a short term aversion because there's no mechanism over time to reduce the rowed money. >> what are the camps? >> two camps in my district. one camp, furloughed workers. they want the government reopen sooner than later. i understand that. the base conservatives, the majority of the republican primary though want us to hold the line and get us real reform. >> what do you expect to hear tomorrow at the caucus? >> i hope to hear that the house republicans are going to hold the line and insist on what i
the budget deficit is down and that's part of the sequestration mechanism. that's supposed to be a ten-year process. that's all my liberal friends in the senate on the democrat side voted for it. most of them, you know, a year and a half ago. so i consider that to be something that's just like they consider obama care to be sarks nctrisanct. >> doesn't sound like you're crazy about the emerging deal here. >> all i know is what you guys know. there's no spending reforms. just kick...
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Oct 28, 2013
10/13
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its the current account deficit story where the massive risk is. i think that bifurcates em nations. you can say countries like india have an issue, turkey have an issue because they haven't gotten their fiscal house in order. when borrowing costs go up they have an issue from the government. but make the opposite case for other markets. >> hold your thought. kate kelly has breaking news regarding s.a.c. capital. >> long awaited settlement could be coming, i'm told as early as this week. as part of this nearly agreed to settlement, s.a.c. likely to make guilty on some of the charges, those include security and wire fraud. not clear what the nature of the plea will be but it means down the line s.a.c. will not be able to manage public money. once it pleads guilty it will have to be a family office, managing the money of steve cohen and employeers and shut down and reopen in other capacity. likely to be a monetary fine north of $1 billion. exact terms still developing. i'm told very close, scott. they've agreed to the broad contours of the deal and w
its the current account deficit story where the massive risk is. i think that bifurcates em nations. you can say countries like india have an issue, turkey have an issue because they haven't gotten their fiscal house in order. when borrowing costs go up they have an issue from the government. but make the opposite case for other markets. >> hold your thought. kate kelly has breaking news regarding s.a.c. capital. >> long awaited settlement could be coming, i'm told as early as this...
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a half a million dollars per year for a fixer or deficit crisis and eventual bankruptcy? you do the math. [ male announc] surprise -- you're having triplets. [ babies crying ] rprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online tring tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritra. it's just common sense. join us at projectluna.com stuart: august 9, welcome to the second hour of "varney & company." monica is here. what does she think, defund obamacare no matter what? monica: yes. stuart: she is taking a hard line. and what is he doing with eight weeks to go until obamacare. how hard of a line is he going to take? you're taking a very harsh line in a fox paul you think imitation of obamacare is a joke. how about this, and app so companies can use your photos in their ads. nicole goes to the drugstore and meets the hologram woman. really? we show you the dow indu
a half a million dollars per year for a fixer or deficit crisis and eventual bankruptcy? you do the math. [ male announc] surprise -- you're having triplets. [ babies crying ] rprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online tring tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritra....
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Feb 15, 2013
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i know everyone thinks it's going to be easy to bring the deficit down. but we have picked all the -- all the low hanging fruit, and the low hanging fruit is gone. >> right, right. >> and the result of this is to get the budget deficit down it's going to require some very unpopular actions, and -- and i just -- i'm worried because the baby boom generation is now only beginning to retire. >> yeah. >> and we're getting a shift from highly productive baby boomers working in the economy to retirement. >> yeah. >> that has a double whammy effect. >> absolutely. >> and i think -- i don't think we've actually fully understood how big a deal this is, and we're -- and we're assuming that we're going to be able to repress the problem and address it in terms. the fundamental issue, as everyone has been saying, both democrats and republicans, is entitlements. >> but the reason that people don't necessarily understand it yet is because things feel okay, right, dr. greenspan? when you've got ben bernanke providing this stimulus, interest rates at rock bottom else, it h
i know everyone thinks it's going to be easy to bring the deficit down. but we have picked all the -- all the low hanging fruit, and the low hanging fruit is gone. >> right, right. >> and the result of this is to get the budget deficit down it's going to require some very unpopular actions, and -- and i just -- i'm worried because the baby boom generation is now only beginning to retire. >> yeah. >> and we're getting a shift from highly productive baby boomers working in...
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Feb 14, 2013
02/13
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without initiating a lot bigger deficits. rand paul is here to say that not only does the math not add up, nothing of that. senator, it is great to have you. >> thank you for having me, neil. neil: or do you do now? what do you do? what you advocate republicans do? >> i think we have to point out the truth. we cannot let the president went on the country saying that he has cut the deficit by $2 trillion. well, that is absurd. we have increased our debt by $6 trillion in his first term. what did he say? bowl, because i didn't increase it, i have reduced it to trillion dollars? that is absurd. he added $6 trillion to the debt and that is just a fact. he must have listed 50 different new programs and they are not going to cost you anything. neil: the deficit immediately raised concerns as to how it will be paid for. when he mentioned about closing tax loopholes and raising billions of dollars, doing now, and then mitt romney saying about something that he wanted to do, do you think he was setting the stage for more tax hikes to
without initiating a lot bigger deficits. rand paul is here to say that not only does the math not add up, nothing of that. senator, it is great to have you. >> thank you for having me, neil. neil: or do you do now? what do you do? what you advocate republicans do? >> i think we have to point out the truth. we cannot let the president went on the country saying that he has cut the deficit by $2 trillion. well, that is absurd. we have increased our debt by $6 trillion in his first...
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Jan 28, 2013
01/13
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that europe has. >> right. >> you hear a lot of bad press about europe but europe has a deficit and i want to be exposed to the euro. mostly because i think that the policies of the federal reserve is identical to those of european central bank and euro has been doing very well. and i think, i smell, everybody is bearish on something. but the story doesn't match the numbers. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and if it is, how do you explain to people to protect themselves? >> unless people have been burned, you can't convince them to get protected. and tail risks have traditionally been cheap depending on which tail. and what people fail to understand is that owning tail protection allows me to take risk elsewhere. it is not like what i spend on the tail is the overall package. it is very favorable when you have equities more attractive than bonds and other things. you need spend premium. the money i get from dividend and hedges and that's why i henl myself and i don't have to worry about anything. deep out of the mon
that europe has. >> right. >> you hear a lot of bad press about europe but europe has a deficit and i want to be exposed to the euro. mostly because i think that the policies of the federal reserve is identical to those of european central bank and euro has been doing very well. and i think, i smell, everybody is bearish on something. but the story doesn't match the numbers. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and...
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Jan 2, 2013
01/13
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how much do deficits matter in and of themselves. and how much is the uncertainty over how we deal with deficits. how much does that matter. >> steve, i'm sorry, i've got to jump in. one quick question. given that we're seeing payroll taxes going up, 77% of americans will pay more, we've got a different environment. do we then ignore the old data, and basically reset, kind of like baseball pre-steroid issue, right? is the old data now not worthless, but tweaked? >> when you said the old data, i'm not sure which one you're talking about. >> i'm talking about data with tax rates with payroll tax cuts intact. >> -- that was pretty much built in. i'm talking about -- i'm trying to figure out, brian, here, and we don't want to talk about different things, but maybe we are in the sense that, i'm trying to figure out how much of the fiscal drag this year is built in. most economists expected the payroll tax cut to go away. that was essentially built in. and when i say wall street economists, i kind of take that as a proxy for what investors
how much do deficits matter in and of themselves. and how much is the uncertainty over how we deal with deficits. how much does that matter. >> steve, i'm sorry, i've got to jump in. one quick question. given that we're seeing payroll taxes going up, 77% of americans will pay more, we've got a different environment. do we then ignore the old data, and basically reset, kind of like baseball pre-steroid issue, right? is the old data now not worthless, but tweaked? >> when you said the...
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Jan 15, 2013
01/13
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so, obama's entire premise that we need a balanced approach to cutting the deficit is based on a huge fiction which is that obama's plan will cut 4 trillion during the the next decade. it will do no such thing. he's basing on a falsity, just like day one when he's been in office, distort and pr propgandize. now, republicans need to understand all of this dealing with obama. they're dealing with a man who is reckless, ruthless as any president they will ever encounter and my next guest says he has a plan that mr. bolster the republicans hand when it comes to dealing with the democrats on the issue of debt and much more. ohio senator rob portman is here. and what do you make of obama, only 2006 a vote against the debt ceiling. >> it went further than that. he said it would be unpatriotic. >> sean: that's another, i actually have that clip. you want to see it. >> sure. >> sean: let's show the videotape. >> the problem is, is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt
so, obama's entire premise that we need a balanced approach to cutting the deficit is based on a huge fiction which is that obama's plan will cut 4 trillion during the the next decade. it will do no such thing. he's basing on a falsity, just like day one when he's been in office, distort and pr propgandize. now, republicans need to understand all of this dealing with obama. they're dealing with a man who is reckless, ruthless as any president they will ever encounter and my next guest says he...
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Jan 2, 2013
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we can't keep running trillion plus dollar a year deficits indefinitely because otherwise you'll have the federal reserve balance sheet be miles bigger than the whole economy, and obviously that's not a comprehensible thing, so we really do have to deal with the spending side as well. and most of the measures that would have been dealt with in the spending, like gradually raising the age on social security with have no negative impact on the economyner team in any event. >> by the way, what do you think of today's rally, and it comes, you know, after a pretty good month of december anyway. are we fooling ourselves to see stocks go much higher here when we still have the spending part of the equation to be figured out in the next few month, or is this wall street looking past all of that and guessing that the economy will grow from here? >> well, i think there was so much anxiety built up over the cliff that almost any resolution of it would have brought a sigh of relief. also remember, this is the first part of january. a lot of institutions have an influx of new money that needs to b
we can't keep running trillion plus dollar a year deficits indefinitely because otherwise you'll have the federal reserve balance sheet be miles bigger than the whole economy, and obviously that's not a comprehensible thing, so we really do have to deal with the spending side as well. and most of the measures that would have been dealt with in the spending, like gradually raising the age on social security with have no negative impact on the economyner team in any event. >> by the way,...
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Jan 3, 2013
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he wanted deficit reduction and it didn't reduce the deficit at all. he keeps seeing these things and nobody holds him accountable. and i'm proud of my colleagues who voted no. and if you took every day, 3,000 years to get to one trillion. we're spending more than 10 billion dollars a day. we have to borrow 600 million a day just to pay for the interest on the national debt, we can't do t i don't want to hear about ten year projections, i want to hear about first year cut reductions. >> sean: if you want to look at the numbers, congressman chaffetz. moody's saying this will cost 600,000 american jobs. and the price tag over a decade. there are no spending cuts here, i guess the question is over the debt ceiling we're now going to have another big argument over spending, whether there will be entitlement cuts. it steams that there's got to be a shift in strategy, that we need a party that is going to stand on this platform to save america. do you think, congress, do you think that will happen, will happen and the messaging will change? >> i know it can
he wanted deficit reduction and it didn't reduce the deficit at all. he keeps seeing these things and nobody holds him accountable. and i'm proud of my colleagues who voted no. and if you took every day, 3,000 years to get to one trillion. we're spending more than 10 billion dollars a day. we have to borrow 600 million a day just to pay for the interest on the national debt, we can't do t i don't want to hear about ten year projections, i want to hear about first year cut reductions. >>...
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it is just printing money to finance the deficit. that is why we have very high inflation. and the private sector they're not borrowing because there is no investment in the private sector in argentina. the situation is awful. things will change with a new government. fortunately the last election demonstrated that the reason this is a regime of kirschner lead will have a an end 10th of december in 2015. david: let me explain for those who don't know argentina too well. we're looking at a picture. you may recognize her, that is the president, christina kirschner. her husband was almost a president. almost a cult of personality with the kirschners that jumped off the board from perroneism. juan perrone, don't cry for me, argentina. you're saying that era, that cult is about to be broken, right? >> yes. that will end for sure the 10th of december of 2015. there will be a new government. i think circumstances will be quite different, including in 2015 already because there is a close that will disappear from the existing bond. that clause is called the most favorable nation cl
it is just printing money to finance the deficit. that is why we have very high inflation. and the private sector they're not borrowing because there is no investment in the private sector in argentina. the situation is awful. things will change with a new government. fortunately the last election demonstrated that the reason this is a regime of kirschner lead will have a an end 10th of december in 2015. david: let me explain for those who don't know argentina too well. we're looking at a...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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Jan 15, 2013
01/13
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he's said it's unrealistic to tie the debt limit to deficit reduction. he said it has been separate. that is just not accurate. >> sean: last 30 years? >> last 27 years every major reduction is start going through 1990s all three agreements. recent one, budget control act the reason we're talking about the debt limit discussion. so this is an appropriate time to raise the issue. look, he said people voted for him because they wanted to increase the debt limit. i don't think so. that is not what polling shows. it shows people want to get spending under control. >> sean: for a brief hour the obama media which did not go do a good job from my estimation woke up and challenged him. and looked angry on hypocrisy. how would you deal with the president that is very good at politics, demonizing and pushing republicans into a corner? what is the best strategy? >> well, i agree with you it's interesting. you had reporters saying wait a minute. you said just the opposite but also said the point just made a second ago which is why are you saying it's been straight a
he's said it's unrealistic to tie the debt limit to deficit reduction. he said it has been separate. that is just not accurate. >> sean: last 30 years? >> last 27 years every major reduction is start going through 1990s all three agreements. recent one, budget control act the reason we're talking about the debt limit discussion. so this is an appropriate time to raise the issue. look, he said people voted for him because they wanted to increase the debt limit. i don't think so. that...
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Feb 26, 2013
02/13
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reduction, or front-loaded deficit reduction will lead to declines in gdp, which leads to more deficits. that's a truism that economists like to emphasize. >> you mentioned earlier, steve, that he was talking not just to congress, but to the hawks on his committee. what is that message specifically and how strongly worded is it? >> okay. so the federal reserve in september decided to make a pretty radical policy change, as we watched the fed chairman make his way to the table to testify. and that change is, we'll keep doing qe until we get substantial improvement in the labor market. there was a little tag line on the end that said, we're going to keep account of costs and the efficacy of this. for some members of the fmoc, they have raised the cost to be more important than the substantial improvement in the labor market. there's this debate going on inside of the fed right now how much those costs matter. and what i think the fed chairman is doing is saying, look, i have looked at this, and i believe the benefits outweigh the costs. that's the significance of that right there. >> stev
reduction, or front-loaded deficit reduction will lead to declines in gdp, which leads to more deficits. that's a truism that economists like to emphasize. >> you mentioned earlier, steve, that he was talking not just to congress, but to the hawks on his committee. what is that message specifically and how strongly worded is it? >> okay. so the federal reserve in september decided to make a pretty radical policy change, as we watched the fed chairman make his way to the table to...
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to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full budget may not be finished before march 1. unfortunately, that is the date my fear is a powerful automatic cuts also known as the silk was sure are scheduled to take effect. if congress cannot act immediately on a bigger package -- i believe they should at least pass a smaller package of spending cuts and tax reforms that would delight the damaging effects of the sequester for a few months. there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to ment
to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full...
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Jan 2, 2013
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. >> i thought we were in a deficit crisis. i thought our families were being put at risk by this massive debt. what does this do about that? >> past senators' bedtime when they were b lchleableary-eyed. >> like $4 trillion. >> some of those members, some of which we just saw, saying we want this to pass because we don't want taxes to go up, but we don't want to have to count for it. how does the whip count look? do we have enough votes to get this passed so i don't have to put my name on it? >> they've decoupled spending cuts from entitlement reform. the question is now are they going to have enough leverage to get what they want? >> i'm so glad i'm learning so much from you all this morning. speaker boehner released a statement in writing, in part, "now the focus turns to spending." and here's the question. "the american people re-elected a republican majority in the house, and we will use it in 2013 to hold" -- >> whatever. >> -- "to hold the president accountable for the balanced approach he promised." sam stein is with us
. >> i thought we were in a deficit crisis. i thought our families were being put at risk by this massive debt. what does this do about that? >> past senators' bedtime when they were b lchleableary-eyed. >> like $4 trillion. >> some of those members, some of which we just saw, saying we want this to pass because we don't want taxes to go up, but we don't want to have to count for it. how does the whip count look? do we have enough votes to get this passed so i don't have...
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increasing the premiums they charge to help fund their long-term deficit. liz: show us what your talking about on this particular chart. you have the assets in the blue line. explain to people what they're looking at. >> comparing the liabilities and assets of the 100 largest defined benefit plans in the u.s. and while you see the lower lining, the assets performed well the last four years. liz: the market is done well. >> the market has done well. that has not been enough told pinching funding from reaching record deficits because interest rates have dropped and the liabilities have outpaced assets liz: is there any way for people who work in the company to find that the pension area is underfunded? >> one of the things the pension protection act requires is companies to give annual funding notice. a lot of numbers, of words, but to look at the funded percentage and compared from one year to the next intel police the and improvements in funded status. >> there are companies out there that are large and the problems. what a? >> is not as much how big the de
increasing the premiums they charge to help fund their long-term deficit. liz: show us what your talking about on this particular chart. you have the assets in the blue line. explain to people what they're looking at. >> comparing the liabilities and assets of the 100 largest defined benefit plans in the u.s. and while you see the lower lining, the assets performed well the last four years. liz: the market is done well. >> the market has done well. that has not been enough told...
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Jan 2, 2013
01/13
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the government runs the deficit and the fed buys the deficit. high yield which is an important area for us over the last few years has gone from a 25% yield in '08 to 6.3, 6.4 presently and no great bargains there, one-off but no asset class as a generalization so you're left with equities and equities are in a zone of fair evaluation to modest evaluation. i'll give you a little set of statistics. where is the bubble? in the year 2000, cisco was 100 times earnings, didn't pay a dividend and ten-year u.s. governments were 6.5%. today cisco is struggling to sell around ten times earnings, yields not far from 3%, which is not quite twice the 1.7%, 1.8% ten-year bond. the bubble isn't in equities. i think the bubble is in bonds. >> why only 340destly optimistic for stocks for 2013? i know you're spreading the wealth figuratively and literally to your team. you have the u.s. economy seemingly improving, house something getting better, china seems to be improving as well, you've got europe not as bad as certainly it was, and the ecb, central banks all
the government runs the deficit and the fed buys the deficit. high yield which is an important area for us over the last few years has gone from a 25% yield in '08 to 6.3, 6.4 presently and no great bargains there, one-off but no asset class as a generalization so you're left with equities and equities are in a zone of fair evaluation to modest evaluation. i'll give you a little set of statistics. where is the bubble? in the year 2000, cisco was 100 times earnings, didn't pay a dividend and...
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Oct 14, 2013
10/13
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to get rid of that one thing that is bringing the deficit down. lou: most economy fifth public fiscal policy since 1980, in a time when we looking at unfunded liabilities and excess of $ 87 trillion, and yo unsustainabe trajectory of spending defkits and debt -- deficits and debt. they have climbed over course of two fiscal years, this is a serious business, and response to be, well, hell, let's just spend more money. is -- well i just don't understand why the republicans cannot mount a message that is compelling and persuasive to american people, i'll be dog gone, you are all operating on radio silence on the radio. >> well, i like to think we're not, i not -- mostly say host on television, do not think the way you do. and so i often say that as republicans we're always playing. lou: you didn't have to praise those other hosts on television. >> like we're always playing an away game, the crowd is cheering against us, just the way that mainstream media is. generally today, it hard to breakthrough, but it is reality, deal with battl battlefield as
to get rid of that one thing that is bringing the deficit down. lou: most economy fifth public fiscal policy since 1980, in a time when we looking at unfunded liabilities and excess of $ 87 trillion, and yo unsustainabe trajectory of spending defkits and debt -- deficits and debt. they have climbed over course of two fiscal years, this is a serious business, and response to be, well, hell, let's just spend more money. is -- well i just don't understand why the republicans cannot mount a message...
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meanwhile, also reports that a growing number of states are ending this fiscal year with not deficits -- it's hard to imagine, but with surpluses. among them, of course, is the state of texas. taxes -- texas is projecting an almost $9 billion surplus. it has a republican governor. a fellow by the name of rick perry. north dakota is projecting over one-half billion dollars surplus . energy independence. north dakota has a republican governor. ohio is expecting a billion dollars surplus from the current fiscal year. it has a republican governor. wisconsin, a very famous republican governor projecting almost half billion dollar budget surplus. governor scott walker. i will projecting and $800 million surplus and, yes, another republican governor, tennessee, little over half a billion dollar surplus. in the state of tennessee, well, florida, not quite half, four under and $37 million in surplus again. a republican governor. i just want to us here at a shout out, if i may, to the state of california, the only blue stayed on track to end the year, are you ready, with a surplus. it is only $
meanwhile, also reports that a growing number of states are ending this fiscal year with not deficits -- it's hard to imagine, but with surpluses. among them, of course, is the state of texas. taxes -- texas is projecting an almost $9 billion surplus. it has a republican governor. a fellow by the name of rick perry. north dakota is projecting over one-half billion dollars surplus . energy independence. north dakota has a republican governor. ohio is expecting a billion dollars surplus from the...
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in to what we put out, i mean not that we have a plan for what it is that we're spending, we have a deficit obviously of $900 billion every year. i mean, i don't even know where to start with this. kirsten, what would you do? >> unfortunately one person really can't do anything. the reason that --. melissa: come on! that is not the way to get started. one person can't do something. give me one idea!. >> the problem is you would have to be able to get the liberals and moderate democrats to be able to negotiate with each other which is really what the holdup is. and because they don't feel any pressing need to do it because everything keeps getting resolved through these emergencies, the fiscal cliff negotiations, the debt ceiling, then they don't feel like they have to do it. i'm not going to pretend i'm a person who can go into the senate and get these people to talk to each other and come to some kind of a conclusion and do what they're supposed to do. this is so out of control and so unacceptable that they think that they should be able to operate this way. i'm just being honest with you.
in to what we put out, i mean not that we have a plan for what it is that we're spending, we have a deficit obviously of $900 billion every year. i mean, i don't even know where to start with this. kirsten, what would you do? >> unfortunately one person really can't do anything. the reason that --. melissa: come on! that is not the way to get started. one person can't do something. give me one idea!. >> the problem is you would have to be able to get the liberals and moderate...
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Jan 14, 2013
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the consensus is, we need about $4 trillion to stabilize our debt and our deficit. which means we need about $1.5 trillion more. the package that i offered to speaker boehner before we -- before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. and by cin
the consensus is, we need about $4 trillion to stabilize our debt and our deficit. which means we need about $1.5 trillion more. the package that i offered to speaker boehner before we -- before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. and by cin
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Jan 14, 2013
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if the issue is deficit reduction, getting our deficits sustainable, over time, getting our debt in a sustainable place, then, democrats and republicans in congress will have a partner with me. we can achieve that, and we can achieve it fairly quickly. i mean we know what the numbers are. we know what needs to be done. we know what a balanced approach would take and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult. if everybody comes to the conversation with an open mind, and if we recognize that there's some things like not paying our bills that should be out of bounds. i'm going to take one last question. jackie. >> i'd like to ask you, now that you've reached the end of your first term, starting your second, about a couple of criticisms. one that's longstanding, another more recent. the long-standing one seems to have become a truism of sorts that you and your staff are too insular, that you
if the issue is deficit reduction, getting our deficits sustainable, over time, getting our debt in a sustainable place, then, democrats and republicans in congress will have a partner with me. we can achieve that, and we can achieve it fairly quickly. i mean we know what the numbers are. we know what needs to be done. we know what a balanced approach would take and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's...
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Oct 24, 2013
10/13
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eventually the country will have to confront the deficit you we have rather than the deficit we imagine. the one we imagine is a deficit caused by waste, fraud, abuse, foreign aid, oil industry subsidies and vague out of control spending. the one we have is caused by the world's highest health costs by far, the world's largest military by far, the social security benefit that was created when most people died at the age of 70. the book talks about these entitlements, two areas that americans don't want to give up and two areas politicians treat as third rail. so what are we supposed to do about it? >> well, the good news and thank you. the good news is, this isn't an emergency today. the deficit's coming down fairly rapidly. it is getting below the point where it's some sort of emergency. the rest of the world remains very happy to lend money to the united states. so we have some time to deal with this long term deficit. the bad news is that i don't think there's a huge amount of realism about what has caused it. i think most people like to think about the idea that the other people has
eventually the country will have to confront the deficit you we have rather than the deficit we imagine. the one we imagine is a deficit caused by waste, fraud, abuse, foreign aid, oil industry subsidies and vague out of control spending. the one we have is caused by the world's highest health costs by far, the world's largest military by far, the social security benefit that was created when most people died at the age of 70. the book talks about these entitlements, two areas that americans...
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governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop 30, but hidden in the funding means that the governor's now going to back fill pension payments and salaries to stateupon work ores, and that was not part of the promise. >> that's interesting. this prop 30 raised taxes that was in the november election, and it was back dated to january. they are going to bring in an extra $6 million, and mark, you say some of the extra revenue goes towards paying state worker pensions opposed to reinvigorated the health service or the education system; right? >> yes. it also goes towards eliminating a few of the furlough fridays that schwarzenegger posted trying t
governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop...
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we haven't dealt with the deficit. >> we're not going to be able to effectively deal with the deficit until we deal with the jobs crisis. don't you think it would be much more prudent course to have people back to work, contributing to economic growth and then deal with our deficit? melissa: president obama has been in office for four years. now starting his fifth year. why do you think he hasn't dealt with the jobs problem then? >> it may have something to do with congress. he has jobs plan been put forth before congress. they haven't moved on it. melissa: and who exactly do you blame for that? because we just saw with this fiscal cliff deal republicans don't have any power. they don't have any influence. they can't get things done. all the democrats are in charge there. president obama is in charge. if you will blame people for not doing what you want over the past four years it has to be the democrats and the president? >> well i would think the house republicans could beg to differ with that. they seem to think they have a lot of power. melissa: no, they don't. i don't think a sin
we haven't dealt with the deficit. >> we're not going to be able to effectively deal with the deficit until we deal with the jobs crisis. don't you think it would be much more prudent course to have people back to work, contributing to economic growth and then deal with our deficit? melissa: president obama has been in office for four years. now starting his fifth year. why do you think he hasn't dealt with the jobs problem then? >> it may have something to do with congress. he has...
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>> right, when it comes to taxpayers, absolutely it's going to be reducing the deficit. when it comes to businesses, the congressional budget office, their original analysis was that it would bring down costs especially for small businesses and people in the individual market. frees people up to be more mobile moving from job to job, not locked in because of health insurance. i think it's good for labor markets and good for the economy as a whole. >> jason furman is the chairman of the council of economic advisers. thanks for coming in. >> a damning report on drone attacks. human rights groups releasing new details on u.s. efforts to attack insurgents and the growing civilian toll. jim sciutto is standing by live. s of our students and alumni. people like, maria salazar, an executive director at american red cross. or garlin smith, video account director at yahoo. and for every garlin, thousands more are hired by hundreds of top companies. each expanding the influence of our proud university of phoenix network. that's right, university of phoenix. enroll now. we've got a
>> right, when it comes to taxpayers, absolutely it's going to be reducing the deficit. when it comes to businesses, the congressional budget office, their original analysis was that it would bring down costs especially for small businesses and people in the individual market. frees people up to be more mobile moving from job to job, not locked in because of health insurance. i think it's good for labor markets and good for the economy as a whole. >> jason furman is the chairman of...
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deficit control that congress will have to address as part of this. democrats and republicans, leaders in both parties acknowledge this bill doesn't go far enough for deficit reduction. this is going to start once the senate considers or house considers it. if the house pass this is bill tonight and the president signs it the next fight is on the debt ceiling and republicans will want spending cuts in exchange for increasing debt ceiling. treasury says we have $200 billion left of spending authority, deficit spending authority to go underneath the current debt ceiling. we technically already hit the current debt ceiling, but there are certain things we can do, wiggle room we can buy, it is unclear how much time that buys. in the past $200 billion, but this budget deal could change the way government spends and takes in and puts out money. so with that we'll wait for updated estimate from the treasury department. $200 billion is where it is right now. that is the next fight. and government spending will be a part of it. diane: does seem like as soon as
deficit control that congress will have to address as part of this. democrats and republicans, leaders in both parties acknowledge this bill doesn't go far enough for deficit reduction. this is going to start once the senate considers or house considers it. if the house pass this is bill tonight and the president signs it the next fight is on the debt ceiling and republicans will want spending cuts in exchange for increasing debt ceiling. treasury says we have $200 billion left of spending...